Firstsource Solutions logo

Firstsource Solutions

FSL NSE

Key Fundamentals

SmallcapBPO / KPOCommercial Services
Market Cap
₹17,519 Cr
Volatility
Moderate
P/E Ratio
26.39
EBITDA
₹1,564 Cr
Return on Equity
15.38%
Debt to Equity
0.67
Book Value
₹62.16
EPS
₹7.43
52W High
₹371.75
52W Low
₹202

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 50.4%

Growth Rate

Revenue Growth
19.86% higher than 3Y
Net Income Growth
13.44% lower than 3Y
Cash Flow Change
73.15% lower than 3Y
ROE
6% lower than 3Y
ROCE
9.15% higher than 3Y
EBITDA Margin (Avg.)
8.13% higher than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk medium

Firstsource Solutions (market cap about ₹18,063 Cr) is growing faster than it has historically, with TTM sales up 20% and TTM profit up 28%, compared with 10-year compounded rates of 12% and 11%. The stock trades at 27.7x earnings and 4.22x book, has a 2.1% dividend yield, and is down 26% over the past year after a 10-year stock CAGR of 20%. ROE was 18% last year, against a steady 16% average over 3, 5 and 10 years.

Bull Case 7
  • Revenue growth is speeding up. TTM compounded sales growth is 20%, above the 3-year (17%), 5-year (13%) and 10-year (12%) rates, which points to strong recent demand.
  • Profits are growing faster than sales in the near term. TTM profit growth of 28% against 20% sales growth suggests operating leverage or margin gains in the latest period.
  • Returns on capital are improving. Last-year ROE of 18% is above the 16% average seen over 3, 5 and 10 years.
  • The company returns a lot of cash to shareholders, with a dividend payout ratio of 50.4% and a dividend yield of 2.1%. That yield is fairly high for a company growing at 20%.
  • The business has grown steadily over a long period, with 10-year compounded sales growth of 12% and profit growth of 11%. This shows a durable franchise in business process management.
  • Shareholders have done well over the long run. The stock's 10-year CAGR is 20% and its 3-year CAGR is 16%.
  • After a 26% fall in the past year, part of the earlier valuation premium has shrunk, even though TTM profit grew 28% over the same period.
Bear Case 7
  • The stock has lost ground recently, with a 1-year return of -26%. That suggests the market has doubts about how long the current growth can last, or about sector risks.
  • Valuation is demanding for a services business. A P/E of 27.7 and P/B of 4.22 leave little room for mistakes if growth falls back toward the 10-year sales CAGR of 12%.
  • Over longer periods, profit has grown more slowly than sales. The 5-year profit CAGR of 10% trails 5-year sales growth of 13%, and 3-year profit growth of 14% trails 3-year sales growth of 17%. This points to margin pressure over time.
  • Returns on capital are only moderate. The 16% ROE average over 3, 5 and 10 years limits how much a P/B of 4.22 can be justified by fundamentals.
  • The 5-year stock CAGR is just 6%, well below the 13% sales CAGR over the same period. Earnings growth has not reliably turned into shareholder returns over that timeframe.
  • Voice- and process-heavy BPM work is exposed to automation and generative AI disruption. This could make the 20% TTM growth rate hard to sustain over time.
  • Paying out 50.4% of profits as dividends leaves less money to reinvest or fund acquisitions, which the company may need to keep up 20% growth.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

1d ago
Positives 2
  • HFS award for Kairos AI Sep 22

    Firstsource was named first runner-up at the inaugural HFS Services-as-Software Awards for its Kairos AI platform, chosen from over 250 global submissions. This supports its AI-led services positioning.

  • Best Workplace for Women 2026 Sep 25

    Great Place to Work named Firstsource one of India's Best Workplaces for Women 2026, its second consecutive year on the list. This helps with talent attraction and retention.

Neutral 2
  • Unsolicited ESG rating of 75 Sep 18

    Niche Ninety Nine gave Firstsource an ESG rating of 75.00 on September 17, 2026. The company said it did not engage the agency for this independent assessment.

  • September investor meetings scheduled Sep 4

    Firstsource announced a schedule of analyst and institutional investor meetings for September 2026 covering industry developments. It said no unpublished price-sensitive information would be shared.

TL;DR: Recent news flow for Firstsource is mildly positive but light on substance. Industry recognition for its Kairos AI platform and a repeat workplace award support its brand and talent position, but none of the items address revenue, margins, deal wins or guidance. No direct headwinds appeared in this period, though the articles do not cover sector risks such as AI-driven pricing pressure on BPM services or US client demand. Active investor outreach in September suggests management wants to build engagement, and the next quarterly results and deal pipeline updates will be the real test of whether the AI positioning turns into growth.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,529
1,540
1,597
1,670
1,791
1,925
2,102
2,161
2,218
2,312
2,443
2,583
2,725
Expenses
1,289
1,311
1,359
1,420
1,521
1,638
1,785
1,829
1,871
1,936
2,040
2,153
2,274
Operating Profit
240
229
237
250
270
287
318
333
347
376
403
430
451
OPM %
16%
15%
15%
15%
15%
15%
15%
15%
16%
16%
16%
17%
17%
Other Income
2
17
15
3
2
-3
7
2
7
1
-97
-2
-66
Interest
25
26
25
27
32
34
39
43
43
43
43
52
52
Depreciation
61
65
66
67
73
79
84
91
97
110
111
116
115
PBT
155
154
161
159
167
171
201
202
213
224
152
261
219
Tax %
19%
18%
20%
16%
19%
19%
20%
20%
21%
20%
21%
21%
24%
Net Profit
126
127
129
134
135
138
160
161
169
180
120
205
166
EPS in Rs
1.79
1.8
1.83
1.9
1.92
1.96
2.27
2.27
2.39
2.54
1.7
2.9
2.35
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
3,035
3,217
3,556
3,535
3,826
4,099
5,078
5,921
6,022
6,336
7,980
9,556
10,064
Expenses
2,645
2,819
3,109
3,064
3,274
3,445
4,239
4,939
5,165
5,329
6,737
7,952
8,403
Operating Profit
390
398
447
471
552
654
839
982
858
1,008
1,244
1,605
1,660
OPM %
13%
12%
13%
13%
14%
16%
17%
17%
14%
16%
16%
17%
16%
Other Income
7
9
3
5
4
9
-114
1
131
37
8
-91
-163
Interest
80
61
54
53
46
83
87
86
110
155
184
230
190
Depreciation
72
61
59
66
74
185
206
249
263
260
327
434
451
PBT
244
286
337
358
436
394
432
647
615
630
741
850
856
Tax %
4%
9%
17%
9%
13%
14%
16%
17%
16%
18%
20%
21%
—
Net Profit
234
261
279
327
378
340
362
537
514
515
594
674
671
EPS in Rs
3.52
3.87
4.11
4.76
5.47
4.9
5.2
7.69
7.33
7.31
8.41
9.54
9.49
Div. Payout %
0%
0%
0%
32%
37%
51%
58%
45%
47%
47%
47%
57%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
666
673
681
687
691
694
696
697
697
697
697
697
Reserves
1,422
1,104
1,347
1,665
2,030
2,072
2,103
2,336
2,670
3,003
3,401
3,688
Borrowings
1,031
891
965
667
557
1,356
1,194
1,784
1,393
1,526
2,569
2,922
Other Liabilities
306
286
316
352
352
393
789
796
785
702
1,091
1,825
Total Liabilities
3,427
2,954
3,309
3,371
3,630
4,514
4,783
5,613
5,545
5,929
7,758
9,131
Fixed Assets
2,444
2,022
2,068
2,080
2,223
2,871
2,998
3,744
3,716
3,853
4,994
5,567
CWIP
8
2
4
2
2
0
0
3
3
17
49
30
Investments
73
85
163
34
134
12
94
130
71
42
73
116
Other Assets
901
845
1,074
1,255
1,271
1,630
1,691
1,736
1,754
2,017
2,642
3,419
Total Assets
3,427
2,954
3,309
3,371
3,630
4,514
4,783
5,613
5,545
5,929
7,758
9,131
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
246
297
200
315
400
410
976
704
795
644
701
1,214
Investing
-104
-101
-233
96
-203
10
-344
-594
17
-57
-744
-443
Financing
-246
-207
4
-327
-273
-277
-689
-158
-743
-563
23
-667
Net Cash Flow
-105
-11
-30
84
-76
143
-58
-49
69
23
-21
104
Free Cash Flow
201
212
123
258
292
297
806
631
744
559
477
1,082
CFO/OP
76
89
57
83
84
71
125
81
100
71
66
87
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
35
34
31
39
37
50
61
59
63
67
77
79
Cash Conversion Cycle
35
34
31
39
37
50
61
59
63
67
77
79
Working Capital Days
-33
-27
-33
-35
-20
-37
-28
-20
-22
-19
-20
-40
ROCE %
10%
12%
14%
13%
15%
13%
16%
17%
15%
16%
15%
17%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others2.56%Promot.53.66%FIIs8.38%Public9.99%DIIs25.41%As ofJun 2026

Documents

Frequently Asked Questions about Firstsource Solutions

What does Firstsource Solutions Ltd do?
Firstsource Solutions Limited is a leading player in the Business Process Management (BPM) industry. Part of the RP-Sanjiv Goenka Group, Firstsource provides bespoke services and solutions to its customers across Banking and Financial Services, Healthcare, Communications, Media and Technology, an...
Where is Firstsource Solutions Ltd (FSL) listed?
Firstsource Solutions Ltd trades as FSL on the NSE and under code 532809 on the BSE.
Which sector does Firstsource Solutions Ltd belong to?
Firstsource Solutions Ltd is classified under the Commercial Services sector, in the BPO / KPO industry.
What is the market capitalisation of Firstsource Solutions Ltd?
Firstsource Solutions Ltd has a market capitalisation of ₹17,519 Cr, which places it in the Mid Cap band.
What is the PE ratio of Firstsource Solutions Ltd?
Firstsource Solutions Ltd trades at a PE ratio of 26.39, on earnings per share of ₹7.43, against a book value of ₹62.16 per share.
What is the 52-week high and low of Firstsource Solutions Ltd?
Over the last 52 weeks Firstsource Solutions Ltd has traded between ₹202 and ₹371.75.
Does Firstsource Solutions Ltd pay dividends?
Firstsource Solutions Ltd has a dividend yield of 2.15%.
What is the Return on Equity (ROE) of Firstsource Solutions Ltd?
Firstsource Solutions Ltd reported a return on equity of 15.38%. Its debt-to-equity ratio is 0.67.

Company Information

Firstsource Solutions Limited is a leading player in the Business Process Management (BPM) industry. Part of the RP-Sanjiv Goenka Group, Firstsource provides bespoke services and solutions to its customers across Banking and Financial Services, Healthcare, Communications, Media and Technology, and other diverse industries. The company has the philosophy of 'Digital First, Digital Now' [1]

Website firstsource.com
CEO Mr. Ritesh Mohan Idnani
Employees 35,997
Listed 2007-02-22
Face Value ₹ 10
Issued Size 69,69,90,826

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